BSE Sensex hits three-week high; inflation data, Reliance Ind result eyed

Oct 14 2013, 11:44 IST
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The BSE Sensex had gained 633.49 points in the past four sessions. The BSE Sensex had gained 633.49 points in the past four sessions.
SummaryGains led by continued rally in IT stocks after Infosys raised lower end of its revenue outlook.

The BSE Sensex is up 0.42 per cent and the broader Nifty higher 0.29 percent, after hitting their highest intra-day level in three weeks.

Gains led by a continued rally in software services exporters after Infosys on Friday raised the lower end of its fiscal 2014 revenue outlook.

Infosys gains 1.2 per cent, while Tata Consultancy Services (TCS) rises 1.6 per cent.

Reliance Industries (RIL) gains 0.7 per cent, while Indusind Bank is up 1.4 per cent ahead of their July-September earnings later in the day.

Wholesale price inflation data due around noon will be key for further direction after the weaker-than-expected factory output data released on Friday.

Earlier, The BSE benchmark Sensex on Monday fell nearly 31 points in early trade on profit booking by speculators coupled with weak industrial output data for August.

Snapping its four-day long rising streak, the 30-share index lost 30.71 points, or 0.14 per cent, to 20,497.88 with FMCG, realty, consumer durables and banking stocks succumbing to profit booking.

After recording modest growth in the previous month, industrial output again slowed down sharply to 0.6 per cent in August, mainly on account of a contraction in manufacturing and mining.

The Sensex had gained 633.49 points in the past four sessions.

The wide-based National Stock Exchange index Nifty fell 13.30 points, or 0.21 per cent, to 6,082.90.

Brokers said besides profit booking by participants, industrial output, which had shown some signs of recovery in July again slowed down sharply to 0.6 per cent in August mainly on account of a contraction in manufacturing and mining, dampened the trading sentiments.

They said that absence of cues from other Asian markets, as Tokyo and Hong Kong's exchanges are closed today, also forced funds to adopt a cautious approach.

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